SBP’s Digital Bank Initiative Gets Huge Response

Web Desk — The local and international players have taken an overwhelming interest in the State Bank of Pakistan’s (SBP) digital bank initiative which reflects their confidence in the country’s financial sector which has been making huge profits despite economic challenges.

According to the SBP, it had concluded the process of receiving applications for the issuance of licenses for digital banks as per its announced deadline of March 31.

“The SBP received 20 applications from a diverse range of applicants, including domestic commercial banks, microfinance banks, electronic money institutions, and fintech players,” said the SBP.

Foreign players already operating in the digital banking sector overseas have also expressed their interest in Pakistan’s digital market.

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While setting the foundation for the customers’ convenience, providing cost-effective digital financial services, and promoting innovation for achieving SBP’s overall goal of banking digitization, the framework is primarily aimed at providing financial services to unserved and underserved segments of society, it added.

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The SBP said it has developed and finalized the framework after an extensive consultative process. Initially, the SBP released an exposure draft of this framework and a targeted survey was launched to invite feedback from a wide range of local as well as international stakeholders.